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Short Sale Experts in CaliforniaMon, 20 Feb 2017 09:30:50 +0000en-UShourly1https://wordpress.org/?v=4.7.9Housing Recovery Not What You Thoughthttp://upsidedownca.com/housing-recovery-not-what-you-thought/
http://upsidedownca.com/housing-recovery-not-what-you-thought/#respondFri, 09 Aug 2013 23:12:38 +0000http://upsidedownca.com/?p=2498read more →]]>Housing Recovery Not What You Thought

We are going to be bouncing around at the bottom for a few years. That is the prediction by experts much smarter than me regarding the housing situation we face. So why have we had a recent large up-tick in home prices you ask?

As I have blogged about in the past – it’s because of artificial factors such as interest rates held low due to the Fed printing massive amounts of money and buying mortgage backed securities with the future inflation causing Monopoly money. It’s also because of investors buying with cash and turning the houses into rentals.

Well fast forward to today. An article just out today in DSNEWS.COM quoting a Trulia report that states “For the first time since November 2012, asking home prices decreased month-over-month, slipping 0.3 percent from June to July”.

Yes… the mini BUBBLE is bursting. If you were an optimist and hoped that your udsidedown mortgage was going to resolve itself when prices finally go back up. Then when prices did go up and your hope soared – well you now have really bad news. In some areas like Sacramento the DROP in prices was between 3.3 and 3.6 percent.

All this means is that until you start hearing really good news about the economy and jobs you should expect the same. It’s also has a built in conundrum in that once the job market and economy start getting better the Fed will stop printing it’s funny money and interest rates will go up. Sad but true.

The bottom line is that if you still have an upside-down mortgage you should seriously think about unloading it while you can and while there is still some protection in the law.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or just visit my website www.upsidedownca.com.

Maybe because I went to high school and college in the 70’s and read a lot of positive mental attitude books – I usually am a “glass is half full” kind of person – however the recent news feed from the Daily Real Estate News is shaking my core beliefs.

They reported that RealtyTrac’s most recent statistic shows California has the highest rate of foreclosure. Anyone in California that is paying attention knows that some areas of California aren’t doing so bad (think San Diego or San Francisco) which means some areas (think central valley) are even worse than the worst – hence the title of this blog.

The states with the highest foreclosure rates in JulyRealtyTrac’s most recent data–are:

California: 1 in every 325 housing units

Arizona: 1 in every 346 housing units

Florida: 1 in every 352 housing units

Georgia: 1 in every 376 housing units

Illinois: 1 in every 385 housing units

Nevada: 1 in every 415 housing units

Michigan: 1 in every 518 housing units

Ohio: 1 in every 528 housing units

South Carolina: 1 in every 536 housing units

10. Indiana: 1 in every 665 housing units

While we struggle to find positive hope, news like this seems to deflate even the smallest glimmer of hope. The reality is that we still have some pain and suffering to go. My advice to anyone who is still not quite sure what to do – get some good advice about what your current options are. Getting informed about ALL your options puts you in the best position possible.

Sometimes it only makes sense to let the upsidedown mortgage go and start recovering so that when we actually hit a bottom (who knows when?) you might be fully healed and will be in a MUCH better position than if you did nothing. Doing nothing, in my opinion, is the worst thing you can do.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or go to my website www.upsidedownca.com.